Law Office of Allan E. Dunaway, PLC

Cancer survivors left with debts they cannot pay

A recent study revealed that approximately 3 percent of cancer survivors of working age file for bankruptcy. A third of them who don't file for bankruptcy are plagued with medical debt that is very difficult for them to pay off.

Surviving cancer rewards you with life, and there is no doubt that the debt is worth it. However, the cost of cancer therapies is only getting higher -- to the point that more and more people are virtually guaranteed to suffer financially as a result. Indeed, even those who have medical insurance can get buried in co-pays and deductibles.

Believe it or not, a new cancer therapy agent will cost patients approximately $10,000 a pop on average. In some cases, a treatment can cost as much as $60,000. Unless the patient has tens of millions of dollars in the bank, these costs are impossible to get through without incurring massive levels of debt, even with insurance.

It seems that the younger the patient is, and the lower his or her income is, the higher chance he or she will go into debt following cancer treatment. Furthermore, those who have a history of cancer tend to have double the chance of going into bankruptcy.

Cancer patients should have the ability to celebrate their newly acquired health freely and happily, without the barking wolves of debt biting at their heels. If you or your loved one is saddled with unpaid medical bills following cancer treatments, bankruptcy proceedings could be just the financial lifeline that you need. In this respect, those who complete the bankruptcy process for their medical debt -- rather than living a debt-laden life -- might actually be the smart ones.

Source: NBC News, "Debt, Bankruptcy are Rewards for Cancer Survivors," Jan. 05, 2016

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For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

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If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

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